I have a bit of experience with this, actually. A while ago, I wrote a piece of online fiction that followed the daily life of a slave who worked for a mage in a magic shop. Each day brought new problems, but there was no real central plot with a main conflict, climax, and resolution. I wrote about 500,000 words of this ongoing story before I decided to turn it into a series of novels. It took some rewriting, and I'll be the first to admit that it wasn't a perfect conversion, but I did manage to divide it into five books, each with a more publishable format.
Personally, if I fall in love with a character or characters, I want to read about them forever, as long as the plot and writing is of at least moderate quality. I'm a lot more forgiving of weak plot and mediocre writing if I like the characters.